Interactive Brokers Offers TFSA and RRSP / RSP Accounts

Looking for an alternative to Questrade? Now RRSP and TFSA Accounts are available at Interactive Brokers

In response to the numerous requests received to offer tax advantaged accounts to Canadian clients, Interactive Brokers announced the availability of Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Accounts (TFSA). Both accounts offer tax-free accumulation of earnings, with taxes on contributions and earnings deferred until withdrawal in the case of the RSP and no tax on withdrawals of post-tax contributions and earnings from the TFSA.

Opening an account is simple and can be initiated from your existing account by logging into Account Management and selecting the Manage Account, Add or Link Accounts, and then Create Linked Account menu options. Once linked, your new RRSP and/or TFSA account will benefit from a shared user name, security device and market data subscriptions. Yes you get that cool spy code card that Alan Turing invented in the Imitation Game so you can log on in privacy with encrypted codes! Just kidding about that.

The minimum initial funding requirement for RRSP accounts is USD 10,000 and TFSA accounts USD 5,000 (or CAD equivalent). Funding can be by cash deposit and/or securities transfer with funding instructions made available within the application. RRSP accounts are subject to a quarterly maintenance fee of CAD 12.50, or $50 per year - if you hold low cost ETFs in the account and have a balance of $10,000 then the fee is only 0.5% on top of your MERs. Note Questrade has no RRSP account fee.